Check the fine print, I know both BofA and Citibank hit hard to open up a checking account. If it's in the fine print, which it is for at least those two, then they have PP.Fine print or not this can be challenged, disputed or what have you. Opening a savings or checking account (w/o overdraft protection) is NOT an application for credit. The FTC section 604 clearly states under what circumstances your credit can be reviewed. The confusing part is what does reviewed mean, a soft or a hard.If my bank hit me with a hard inquiry simply by opening an account and not applying for credit, I would dispute with the CRAs that the inq is not mine...I didn't apply for any new credit. Just because the bank says they're going to hard you doesn't mean they have the legal right to.
fused wrote:Why banks get away with this who knows but I simply do not agree with you. PP is more than just signing something. This is very misleading and IMHO breaking laws. Most people don't know the laws and don't care, I do. According to FTC there is nothing that even suggests a bank can review one's credit file just because they feel like it. In order for the bank to have true PP there must be an application for credit. Period!
Obviously they are not breaking any laws or this practice would have been stopped a long time ago.
casinoannie97 wrote:can you tell i am peepeed off?